Coinbase Faces Hacker Threat
The American cryptocurrency exchange Coinbase has become a target for hackers who stole customer data and demanded $20 million to avoid disclosing this information.
This was reported by the Financial Times.
Following this news, the company's stock dropped by 5.4% in morning trading in New York. This decline came after a significant rise of 25% on Tuesday due to the announcement of its inclusion in the elite US stock index.
"The hackers sought to obtain a list of customers in order to impersonate Coinbase, tricking them into transferring their cryptocurrencies. They then demanded $20 million to conceal the incident. We refused," the company stated on its website.
Coinbase, headquartered in California, announced a reward of $20 million — the same amount demanded by the criminals — for information that would lead to their arrest and conviction.
This year, hackers stole $1.5 billion worth of cryptocurrency from the Bybit exchange, which marks the largest heist in the industry’s history.
According to Chainalysis analysts, the total losses from attacks on cryptocurrency exchanges last year surged by 21% to more than $2.2 billion, with a majority attributed to the Asia-Pacific region. Hackers linked to the North Korean government were responsible for stealing $1.3 billion of that amount.
The attack on Coinbase occurred amid a wave of cyberattacks targeting well-known companies worldwide. In recent weeks, attackers have targeted the French fashion house Dior, as well as British department stores Harrods and Marks and Spencer.
Coinbase stated that the criminals "bribed and recruited" support staff outside the US to gain client information. These employees were immediately terminated.
The company clarified that the perpetrators only accessed information about a portion of its clients. The breach included fragments of social security numbers, bank accounts, account data, and copies of documents such as passports or driver's licenses. Passwords, keys, and funds were not compromised.
Coinbase has stated that it will reimburse clients who fell victim to the fraud, estimating that compensation could range from $180 million to $400 million.
Reminder:
The cryptocurrency exchange Bybit experienced a massive hacker attack in February 2025, resulting in nearly $1.5 billion stolen from its Ethereum cold wallet.
